Opinion
Bitcoin exposes banks' hidden hierarchy of fragile IOUs, mirroring crypto's own risky layered claims on base assets.
Emir J. Phillips
The author is an independent contributor writing an opinion or expert take. Views expressed are the author’s own and may not reflect Cointelegraph’s editorial position. Emir J. Phillips is an Associate Professor of Finance, Economics and Business Law who researches monetary systems, financial stability and the political economy of banking. He has published peer-reviewed work on securitization, shadow banking and alternative credit systems, and writes about how hierarchies of money shape crises in both traditional finance and crypto.
Bitcoin exposes the structural weaknesses that banks refuse to admit - Opinion
The GENIUS Act and MiCA will split stablecoins into cash and shadow deposits The GENIUS Act and MiCA could split stablecoins into cash-like instruments with statutorily protected redemption rights — or shadow deposits that reprice like credit during panic runs.